Calgary First Time Home Buyer
Are you looking to be a first time home buyer in Calgary? Buying a home is often better than renting in some cases because you have an asset you can sell later on and your home can go up in value. Before you buy make sure you can actually afford it. Making a bigger down payment will ensure that your home is paid off in a shorter period of time in the Calgary area.
The main reason to buy your home is that it’s an investment in your future. A home will provide you with something to sell or pass on to loved ones once you are gone. When you rent you send a cheque to your landlord and that money is gone. When you pay down a mortgage your money is actually going to towards owning your own home completely. The money you spend is giving you something tangible to own and not just being thrown away on one month of rent. Your home can go up in value as the years go by. When you rent only your rent can go up in value and you end up paying more for your rental. When you rent you also change locations quite frequently so you never get to settle down in one area to raise your family and make long-term friendships with neighbours. Once you have paid off your home you have something you can enjoy for many years to come.
Buying Your Home
In the Calgary area you can find many real estate agents to help you locate and buy a home. A real estate agent can help you understand all the fine details about home buying and look to find you a property that’s going to meet your individual needs. Be sure you have a good general idea about what you need before you go out and hire a real estate agent. If your agent knows exactly what you want then this will save the broker time when trying to find you the right property. You can look online for a good broker and check out various websites or you can just walk into a real estate office in the area where you want to live and ask to speak to a broker. Real estate offices can also provide you with listings on homes in the general area where you want to live. Other things to look for when you buy a home are the location of schools, hospitals, shopping centres and other key locations. You want to live close to these locations for the convenience. You also don’t want to live too far from your work because you’ll have a long commute in the morning. If the cost of the home is reasonable then you can weight his against the travel time you need to do. In some cases it might be better to live further away from work.
Narrowing Down Your Choices
It’s ideal to come up with two or three homes that you would like to buy and then narrow down to the best one. Price is going to be a key factor but the amount of rooms, and the layout of the home can be key too. Look at each home and weigh the pros and cons of the residence which will help you decide on the best one to buy that’s going to suit your needs in the best way.
Money and Payments
The cost of the home is going to be a huge factor in how much you need to come up with as a down payment. It’s always better to buy the home without a mortgage but for most people this just isn’t realistic due to the cost of owning an actual home. You need what is called earnest money which is the deposit you make on the home when you submit your offer. This shows the seller that you are serious about buying the home from them. The down payment is a percentage you pay on the total cost of the home. Try to pay as much a possible so you lower your mortgage payment. Having to pay a high mortgage can get you into financial problems quickly if you’re not prepared to pay that kind of money. The other payments are the closing costs which are costs associated with processing the paperwork to buy a house.